Spain turns to eurogroup for crisis recovery

15.05.2012 13:22
Spain turns to eurogroup for crisis recovery

YEREVAN, May 15. /ARKA/. Spain’s Economy Minister Luis de Guindos turned to the euro zone’s states for crisis withdrawal, Spanish mass media report.
As RIA Novosti informs, Guindos said that Spain, on its side, had undertaken  all the necessary measures for economy stabilization, in particular, implemented reforms on the labor market, as well as in financial sectors, and cut state expenses.

“What we need is the cooperation of the whole of the euro zone,” he said adding that hopefully by joint efforts euro zone will work out measures to exit the crisis.
According to the minister, concerns around Greece’s withdrawal from the euro zone resulted in increase in risks level related to  Spanish debt commitments, that hit 480 -point benchmark on Monday, and tumble in quotes at Madrid stock exchange.

Guindos also added that Greece’s exit from the currency zone will be a catastrophe, and Spain hopes that Athens will compile its commitments regardless who will chair the government.
Greece failed to form a new coalition government after the May 6 parliamentary elections. The politicians will continue advising the best ways of forming cabinet of ministers  but if the leaders of the parties are unable to reach the compromise, the country will face new elections.

Political instability in Greece casts doubts on the country’s attempts to meet its commitments with international lenders, such as EU and IMF, thus pushing Greece to leave the euro zone.
Fitch agency has earlier warned that unrest in Greece and the possibility of its withdrawal from the currency zone threat loan ratings of all the other EU member-states. —0-


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